London pre-open: Markets digest LTRO

1st Mar 2012 07:30

City sources predict the FTSE 100 will open down 8 points from yesterday's close of 5,872, as markets take some time to process the European Central Bank's (ECB) decision over the long term refinancing operation (LTRO). Yesterday, the ECB announced the receipt of €529.5bn in bids for liquidity at its second LTRO, compared to the €489bn allotted back in December and the consensus's €470bn estimate. The benefits of improved copper prices were offset by lower copper sales in 2011, mining giant Kazakhmys revealed, adding that improving the efficiency of its current operations is a key focus of the group. Revenues in 2011 rose to $3,563m from $3,237m in 2010, while EBITDA edged up to $1,959m from $1,932m the year before.Funds under management (FUM) at hedge fund manager Man Group have edged up during 2012, despite customers reducing the amount of money they have placed with the company. FUM at the end of February stood at an estimated $59.5bn, up from $58.4bn at the end of 2011, reflecting positive investment performance partially offset by net outflows and what the group calls guaranteed product de-gears.Like-for-like (LFL) sales growth at FTSE 250 transport group Stagecoach accelerated across most of its divisions during its fiscal third quarter, while the overall profitability of the business 'has remained good'. For the 40 weeks ended February 5th, LFL in UK Bus, the group's largest division, increased by 3%, compared with the 2.3% growth seen in the first half. Meanwhile UK Rail's LFL growth (excluding the tram businesses) accelerated from 8.6% to 9.5%.